New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-23


An old adase. which runs something like this: :" Be.
fore attempting to make hare soup catch your hsre
to be peculiarly applicable TO the recent nppant
writer's and takers upon the Treasury surplus and how
dispose Of It, Before dsposing Of the surplus In the
Treasury perhaps 1t would be wen for these gentle
men to find it The facts have been 80 frequently dem
onstrassd In this column that tho actual money held In
the vaults of the Treasury not materially CHANGED
from year ago. and that It's surplus Its current
liabilities u to the smallest amount Of surplus
that 1t has had In fifteen years. that ignorance upon the
subject Il objectionable. The facts and figures
as given in the Tfeasurys monthly state
ments are open to every ono. that there IL no
for treating the subject in any other than In
tegent manner Nevertheless 1t the fashion to talk
and write Of large Treasury accumulation OF money and
the danger thereof to the autumn business A large
stock operator who should know better to-day
us In this strain. and seemed 10 be surprised the
actual facts in tho when the records shown to
him. There is no question that during the next i've
months before the meeting Of Congress the Treasury
cepts will largely exceed its ordinary expenditures, but
the monthly purchase Of 100000 worth Of silver
bullion and the liquidation tamounting now to
"a, 600 900 month"; Of its e107, 100000 liability
for the redemption Of National bank notes may
safely be counted upon to prevent material accumu
ation Of money during the period Of Ave months But
with no more actual money on hand on December I
than the Treasury has now receipts In the meantime
Ties tho Secretary win face Congress with abnormal
surplus Of about O00 calling for prompt action
for s disposition in the meantime he does not exer
ciss his undoubted authority to purchase the AZ per
cents In tho opcn market The point made. however Is
that without exercising the authority to purchase bonds
tho Treasury during the next five months
will not accumulate any material amount
OF money As to the contraction OF tho
currency-not Of legal raoney-by the redemption Of
to surrendered bank note circulation IL must be remem
bored that tho application for now circulation and tho
deposits OF bonds therefor going at the rate Of
about $500. 900 per week.
The Baltimore and Ohio deal 10 not yet OF Of the stock
market To-day there talk of litigation and injunc-
tions. In this the "Ivss syndicate" probably follows
the orders OF its principal exactly 1t did when for
weeks permitted its solvency to be Questioned DO not
Let forget that the Ives syndicate has failed In the
with Mr. Garrett that Mr.. Garrett has jlst one
and only one, legal method to relieve himself
Of oil responsibility In the matter. He
may, after ten days advertisement. sell tho
Baltimore and Ohio stock contracted for at
purchase contract The reappearance Of this Baltimore
and Ohio ghost to-day checked market which opened
promising finally sent prices below last evenings
closing figures The business was duh with sales At the
Stock Exchange Of only shares and at the Con-
sodated Exchange OF only shares Tho opening
was fsversh figures lower than last evenings last
prices. sharp upward movement In London ana
buying followed which carried prices higher tn an
yesterdays BEST and then succeeded duness and decun-
Ing figures The market closed quiet and steady IA.
for the 4as per cent lower Annexed are the closing
quotations: